EU raises $8bn towards the effort to develop vaccine against Covid-19

The European Union has raised a huge fund of around $8bn to support the effort to develop a coronavirus vaccine.

As many as 40 countries and donors across the world have participated in an online summit organised by the European Union.

A senior EU official has said that the money would help develop global co-operation towards the effort to eliminate the treat of Covid-19.

So far, as many as 30 participants have made donations towards the fund. Among the donors there are several celebrities. Renowned pop singer Madonna is one of them. She has pledged a sum of $1.1m towards the fund.

Several International organisations including the European Commission have too made donations. The European Commission has pledged over $1bn to fund research on a vaccine.

It is interesting to note here that the US and Russia have neither taken part in the fund rising program nor contributed a single penny towards the effort.

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